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Nonrefunded 1988 Bonds prior to such dates and other <br /> Revenues ' of the System and Assessments legally available <br /> therefor. <br /> (ii) The amount in the Revenue Fund, which sum is <br /> in excess of System operation and maintenance needs and is <br /> necessary to effect the refunding of the Refunded 1988 <br /> Bonds, shall be transferred to the 1992 Advance Refunding <br /> Fund. <br /> C. Escrow Agreement . In order to carry out the <br /> advance refunding and defeasance of the Refunded 1988 Bonds as <br /> provided for in this ordinance, the Finance Director is hereby <br /> authorized to select a banking institution to act as Refunding <br /> Trustee . The Mayor and Clerk of the City are authorized and <br /> directed to execute and deliver to the Refunding Trustee an <br /> Escrow Agreement substantially in the form attached to this <br /> ordinance as Exhibit B, with such changes or modifications as the <br /> Mayor and Clerk, with the advice of bond counsel to the City, <br /> consider necessary or advisable . <br /> The City hereby irrevocably sets aside for and pledges to <br /> the payment of the Refunded 1988 Bonds the moneys and obligations <br /> to be deposited with the Refunding Trustee pursuant to the Escrow <br /> Agreement to accomplish the plan of refunding and defeasance of <br /> the Refunded 1988 Bonds set forth herein and in the Escrow <br /> Agreement . When all of the Refunded 1988 Bonds shall have been <br /> redeemed and retired, the City may cause to be transferred from <br /> 54 Fwwoo3.DOc 92/09n1 <br />